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Apartment Complex Sells for $18M

ATLANTA-The 722-unit Village at Stone Mountain, built in 1984, sold for an unusually low price, brokers say.

By Crystal Proenza | Updated on August 28, 2008

ATLANTA-New York City-based GFI Capital has acquired Village at Stone Mountain, a 722-unit apartment complex at 1900 Tree Mountain Parkway. Locally based Southeast Apartment Partners arranged the $18 million transaction between GFI and Baltimore-based seller Munie Mae (MMA Financial).

“The owner needed to sell the asset within a relatively short period of time,” says Joshua Goldfarb, managing director with Southeast Apartment Partners. “As such, the sale was distressed and a price discount was given,” he explains about the price.

The property is 79% occupied with amenities including tennis courts, a clubhouse and two pools. The buyer plans to spend $2.5 million to improve the property, according to Bob Mascaro, vice president of acquisitions for the southeast region of GFI.

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